“I warned in June that the Triple Five Group would attempt to shift the risk of the boondoggle American Dream Meadowlands project onto the backs of New Jersey taxpayers, and now we have proof they are trying to do just that,” said Doherty. “Why should New Jersey taxpayers bear the risk of subsidizing this project when the same company can afford to undertake mega-projects in other states with no need for similar subsidies?”

Doherty noted that New Jersey taxpayers have already paid a reported $80 million in road and infrastructure improvements in support of the project, and that the project benefits from its location on valuable state owned land within the Meadowlands Sports Complex.

Under Triple Five’s special arrangement, much of the tax revenues that would otherwise be collected from the project for public purposes will instead be used to repay bond investors.

“We’re told that we can’t afford to fund full pension payments or the Transportation Trust Fund, but we can afford to give away $800 million of tax revenues to subsidize the American Dream Meadowlands project,” added Doherty. “It just doesn’t make sense.”